BEIJING, China - Worries among businesses in the U.S. and China intensified further this week, after both the countries exchanged another round of trade tariffs.

Escalating the trade war he started with Beijing earlier this year, the U.S. President slapped tariffs on $200 billion of Chinese imports.

Trump's latest round of tariffs apply to almost 6,000 items and became the biggest round of trade tariffs on Chinese goods yet from Washington.

After warning that it wouldn't hold back in taking equal action against any new U.S. tariffs, China responded back, slamming new trade tariffs on $60 billion of American products.

Strategic tariffs

While the U.S. duties will affect handbags, rice and textiles, Washington has exempted certain products like smart watches.

The Trump administration announced that the duties will start at 10 percent and increase to 25 percent from the start of next year unless the two countries agree on a deal.

In a statement, Trump said that the latest round of tariffs was in response to China's "unfair trade practices."

He added in his statement, "We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly. But, so far, China has been unwilling to change its practices."

Meanwhile, China has said that its latest round of tariffs target American goods such as liquefied natural gas.

China's latest round of tariffs target those products that are produced in states loyal to the U.S. President.

On Tuesday, after China announced its latest tariffs, Trump took to Twitter to warn Beijing against seeking to influence the upcoming U.S. midterm elections.

He said, "There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!"

Meanwhile, China's Commerce Ministry has stated that it would impose its tariffs from September 24, which is the same day the U.S. duties will come into effect.

However, the tariffs will be imposed at lower rates than previously expected.

China has decided to place an additional 5 percent in duty on U.S. products including smaller aircraft, computers and textiles.

It will also place an extra 10 percent tariffs on goods such as chemicals, meat, wheat and wine.

Following Trump's latest round of tariffs - which became Washington's third set of tariffs imposed against Chinese goods this year - so far, the Trump administration has slammed duties on about half of all Chinese imports to the U.S.

The latest round of tariffs has further increased worries amongst businesses, who have expressed fears that the higher costs might affect their businesses.

Several businesses have also already warned of job cuts due to Trump's trade war with China.